Unemployed Home Loans: Can An Unemployed Person Get A Home Loan?

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How much can I borrow?

  • You can borrow up to 80% of the value of the property; however, it will depend on your circumstances and factors such as sources of income.

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Will I get approved?

  • Lenders like to see that you have a track record of employment in the same line of work/industry (some exceptions can be made).
  • You’ll need to be in a strong financial position.
  • You must have a clear credit file (some exceptions can be made).
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Being unemployed can be an ordeal. It can be even more challenging if you’re looking to buy a home or refinance your home loan, as your employment status affects your home loan application.

As income is one of the essential factors when seeking approval for a home loan, lenders might view you as a risk if you’re unemployed.

So, how do I get a home loan if I’m out of a job?

Select lenders may ask you for proof of some form of income to check that you can repay the loan.

Other than that, there are a few ways you might be able to secure a loan while being unemployed:

Using a co-signer

A co-signer is someone who contractually agrees to pay the debt if the applicant doesn’t make payment. It could be one of your parents or your spouse. They’ll need to be employed or have a massive net worth.

Using investment income

If you own stocks or have made investments, you could use the income you receive from those streams. However, loans approved by using investment incomes could have higher interest rates.

Using other sources of passive income

Generally, passive income can come from rental property or a business where you are not actively involved. Examples of passive income include dividends, rental income, book royalties, alimony and more.

Few lenders might consider these income sources when judging your loan application.

Using your net worth

If you have a considerable net worth, you can show this to lenders as proof that you can make the repayments on time.

Note: Even if you can use the ways mentioned above, it might still be challenging to qualify for the loan.

What if I just lost my job?

If you’ve just lost your job, you could try providing the lender with your employment history and let them know that you are actively pursuing a job. You’d also need to show alternative sources of income or a saved deposit as proof that you can make the repayments.

Even then, the chances of getting approval can be very low.

What if I just started a new job?

If you’ve just started a new job or if you’re on probation, we have good news for you. At Home Loan Experts, we know lenders on our panel who might be able to help you.

Can I get a home loan while on probation at work?

You can get a home loan while on probation at work to ensure that your job is secure while applying for a home loan. We know a few lenders who might get your application approved.

Most lenders might approve your loan if:

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